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Mar 31, 2024
Biomea Fusion Q1 2024 Earnings Report
Reported first quarter 2024 financial results and corporate highlights.
Key Takeaways
Biomea Fusion reported a net loss of $39.1 million for the first quarter of 2024, with cash, cash equivalents, and restricted cash totaling $145.3 million. The company highlighted positive data from its Phase 1/2 study in type 2 diabetes and initial clinical data from its Phase 2 study in type 1 diabetes, and anticipates a reduction in operating expenses in the second half of the year.
Reported positive data from Phase 1/2 study (COVALENT-111) in type 2 diabetes patients, displaying durable improved glycemic control while off therapy for 22 weeks.
Announced initial clinical data from Phase 2 study (COVALENT-112) in type 1 diabetes, demonstrating early signs of clinical activity with improved measures of beta-cell function.
Expects a reduction in operating expenses in the second half of the year due to near completion of enrollment in type 2 and type 1 diabetes studies.
Cash position of $145.3 million at the end of the first quarter of 2024.
Forward Guidance
Biomea Fusion anticipates several milestones in 2024, including completing the 400 mg cohort from the Escalation Phase of COVALENT-111, completing enrollment of the first three expansion cohorts of COVALENT-111 in type 2 diabetes, completing enrollment of the open label portion of COVALENT-112 in type 1 diabetes, and completing the dose escalation portion of COVALENT-101, COVALENT-102, and COVALENT-103.
Positive Outlook
- On track to complete 400 mg cohort from the Escalation Phase of COVALENT-111.
- On track to complete enrollment of the first three expansion cohorts of COVALENT-111 (n=216) in type 2 diabetes patients with poorly controlled diabetes and provide topline 26-week follow-up data.
- On track to complete enrollment of the open label portion (n=40) of COVALENT-112 in type 1 diabetes dosed for 12 weeks with BMF-219 and provide topline 26-week follow-up data.
- On track to complete dose escalation portion of COVALENT-101 and establish recommended Phase 2 dose (RP2D).
- On track to complete dose escalation portion of COVALENT-102 and establish RP2D.
Historical Earnings Impact
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